My plasma cutter stopped cutting. The loose-nozzle indicator light was on. The nozzle was tight, but I loosened & re-tightened it and it started cutting again. Then stopped again "loose nozzle" again.
So I opened the torch & checked the nozzle switch - it was OK. Crap! Now it was something in the hose, or worse - in the electronics. So I got out the manual to look for a schematic. And stumbled across the page with the indicators explained. 'Turns out that "loose nozzle" means a loose nozzle only when steady. When it's flashing, as mine was, it means worn electrode!
So I put in a new electrode & nozzle and I'm all set. 'Least I didn't start taking more stuff apart.
Kick me, Bob