Power wash - prime (with alkyd primer!) - topcoat with two coats of top quality 100% Acrylic Latex.
Power wash to remove chalk - aluminum siding chalks badly.
ALKYD primer adheres better to slightly chalky surfaces - which you are likely to have even after power washing.
TWO coats of top line 100% Acrylic latex - because not all 100% Acrylic latex is created equal. Look for a regular per gallon price of at least $17 for a satin finish. Two coats are always better than one outside!