This is all from a swing trading perspective where I have alerts set at my stop level and I manually go in and execute the buy/sell order. When do you use which and why? The closing price is more important than an intraday move so if I'm looking to jump into a breakout or trend change I'll wait for confirmation using the close and often double confirmation with the open the next day. However, say you've been in something for a while and it had a nice rally. You set your stop at the top of the last candle body and the next day the stock opens higher. Things go along fine for a few hours before the stock decides to pullback triggering your stop. The stock immediately rallies back above your stop and remains there. Let's say all this happens around 3:45 pm. Do you sell before the markets close? On one hand your stop was triggered, but on the other hand it may very well close above the stop.
Cliff notes: When is it more ideal to use the intraday price (rather than the closing price) to trigger your stops?