 Re: Definition of 3-way (Triangular) Link Exchange
Three-Way Link Exchange is somehow similar to two-way link exchange but the difference is instead of putting a link to another site on your own site, you will place its link on the other site you have.
Three-Way link exchange is a cultivated term not a generic term. This term is used in case when more than two pages are involved in linking. It means that Page A is linking to Page B and Page B is linking to Page C. But Page B is not linking to Page A and Page C is not linking to Page B.
This is usually done when you own two websites. One website has already many back links and page rank and the other one don’t have many back links and/or don’t have page rank. You put a link to another site on the website that has already many back links and/or page rank and in return, your link exchange partner will put a link of your site that doesn’t have any page rank yet.
This type of link exchange is best done when you have a new website and you want to have a good page rank as soon as possible. Of course, that still depends if your link exchange partner has established a good page rank already. So be sure to choose a good and well optimized website before you ask to trade links with its webmasters.
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I havent really heard about that one in the past 
