What is a stop limit order?

In your example, the $32 is the stop part. As soon as 32 is hit your order becomes active. However, you don't want to get filled at $38 or some crazy thing, so you put a limit that says I don't want to be filled above $35 (which is the limit part). If the stock hits $32 your order will be executed as long as the price doesn't go above 35.