The passing triangle is a concept where we can take advantage of defenses who hedge on ballscreens, or front in the post. The reason it's called a passing triangle, is because the three players involved in this concept are in a triangle when the action takes place.
This is something that players do (or coaches teach) that they might not realize is a concept, but it is highly effective and very difficult to defend when you have good timing and spacing. One of the most popular offenses being run is the "Euro" concept, and this is one of the main reads in that concept.
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