See also:
What is a field?
What is the meaning of the arrows?
A field placeholder is a field name enclosed between <% and %>. Email Parser will replace it with the actual captured text when an email is processed. For example, <%From%> will be replaced with the email address of the sender of the email being processed. Or, as shown in the animation below, <%Temperature%> will be replaced by a temperature value produced by a parser.

You can add a field placeholder in an action by clicking the field icon on the right side of the input, or by simply typing the field name directly using the <%field%> syntax.
Actions use the fields produced by items that run before them, such as parsers and email accounts. You can check which items are executed first by following the arrows in the workflow diagram backwards from your action.

The most common cause is a missing arrow. Check that there is a continuous path of arrows going all the way back to the item that produces the field you need.