then how can i pin point or stored procedures or queries that are newly introduced as a part of release. I need some kind of auditing or alerting mechanism that will tell me in advance that this new query is performing badly on the server.
If you want to know in advance whether new code is having a performance issue, you need a Q&A environment where you can test your code.
For SQL 2014 and earlier, it's not realistic to be proactive in my opinion. That is, running traces or extended-events session just in case, can themselves bog the server unnecessarily. Once you find that you have an issue, you can start monitoring.
However, Eric Mila has an excellent suggestion in using sys.dm_exec_query_stats. This data is always collected, so it is always there. So if you have a performance issue, it can be a good place to start, and you may find things that stand out. Maybe you could even construct a baseline from it, but since not everything is in the plan cache, it is not waterproof.
Going back to trace and extended events, I typically filter for events that have a duration of 50 ms or more. (Keep in mind that by default the filter is in microseconds.) Then I aggregate reoccurring queries. This can be quite challenging with applications that inline parameters. When looking at the aggregation, I sort both by Duration, CPU, and Reads to find culprits.
With Query Store, Query Store does part of the job for you - it stores the data per execution plan per hour. But the same query can have multiple plans over the day. Query Store exposes six views which you can query to get the data. But you can also use the reports in SSMS. They are quite powerful with many options. Myself, I prefer to run queries, but when I demo Query Store to clients I show them the reports, and they quickly get excited.
The learning curve with Query Store is leaner than with Trace/X-Events, and once you are on SQL 2016+, you will not find much use for Trace/X-Events for this purpose. So it is questionable whether it is worth to get started with them. sys.dm_exec_query_stats may have to suffice while you still are on SQL 2014.
Yufei gave some links for Query Store. Here is a link to a series of posts by my fellow MVP Enrico van der Laar on Simple Talk that gives more details: http://www.simple-talk.com/sql/database-administration/the-sql-server-2016-query-store-overview-and-architecture/.