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This does sound like the blue trinket you get from the "Overlord" quest in Hellfire Peninsula, and the green trinket you get from some Ogre quest in NW Zangarmarsh. I have both of these, and I can confirm that they share the same cooldown. Hence you can't use them at the same time, but as the cooldown on the 2nd trinket is limited to the duration of the 1st one, you could certainly chain them together.
Besides, these trinkets have some nice static "Equip:" effects as well, namely +26 crit and +23 damage. The blue Overlord trinket is basically two trinkets rolled into one - i.e. Eye of the Beast + Talisman of Ephemeral Power. So I'd say they are still worth equipping, even if you don't pop them every time the cooldown is up.
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