Once per round, after you perform an action, you may perform 1 free action shown in your action bar. Then receive 1 stress token.

Now say I have this on Chewbacca YT-1300, I move it but run into my opponents ships. Now I don't get an action so by reading the card I don't get to use PTL. Right.

You are correct. In order to use PTL you must be able to perform an action. Just as a note, abilities such as Turr's can trigger PTL. Also, the Advance Sensors upgrade would allow you to perform an action before moving, trigger PTL, and then assuming you selected a green maneuver, clear the stress generated.