1) Create a global variable. Lets name it "TouchTime" (without the quotes)
2) Create an event and add the "Is in touch" condition
3) Create an action and choose "system", "Add to" and select the "TouchTime" variable.
4) On the "Value" field, input "60 *dt" (without the quotes)
5) Create an other event an add the "Compare variable" condition (under system).
6) Set the comparison for the "TouchTime" variable to be grater or equal to 120.
You are ready to create your action.
You need to reset the "TouchTime" variable every time you lift your finger though. Create an other event:
1) Put the "on any touch end" condition.
2) As an action choose the "set value" (under system) and input "0" (without the quotes)
Done!