Your team is on offense now and you're standing on the perimeter(outside the key/painted area, outside the 3 point line) or moving without the ball, looking to receive a pass.
You get the ball, establish a pivot foot, and face up on your defender.
You are now in the TRIPLE THREAT POSITION. This is a very strong position to be in, before you put the ball on the floor.
Here, you have the option of:
Your defender is at a disadvantage here since he/she doesn't know which of the 3 you're going to do. USE THIS TO YOUR ADVANTAGE.
Protect the Ball
Keep the ball close to your body. Hold it tightly with both hands and have it touching your right hip if you're using a left pivot.
Remember, same thing applies here as does in dribbling. Protect the ball with your body. If you keep the ball in front of you, leaving it exposed, the defender can take it from you or strip it from you.
You have so many options at your disposal here. Here are a few things you can do:
Fake to one side, then quickly drive past your defender the other way (remember, do not pick up your pivot foot until the ball touches the ground)
Do a jab step, your defender falls back, now pull up for a jump shot
Go up for a shot
Fake a shot, get your defender off-balance or in the air, drive past them or take a dribble to the side and pull up for a shot
Pass to an open opponent
Here's a video from MVP.com featuring Michael Jordan; he talks about the triple threat position and the jab step.