Final answer:
Action potential propagates along an axon through continuous or saltatory conduction, with the refractory period ensuring the unidirectional flow and preventing new action potentials too soon after the first.
Step-by-step explanation:
An action potential propagates down an axon through either continuous conduction in unmyelinated axons or saltatory conduction in myelinated axons. The latter is faster as the action potential 'jumps' from one node of Ranvier to the next.
The refractory period, consisting of absolute and relative phases, ensures that a new action potential is not initiated during a certain time after the first, thus preventing backward signal transmission and promoting unidirectional propagation along the axon.