The 'sleeve' in this phrase is not literal but represents a secretive or hidden place. Let's negotiate, but let's also have a few concessions up our sleeve just in case.
Pro Tip 2/3
Positive Connotation
Using this phrase usually suggests cleverness or preparedness, rather than deceitfulness. Don't worry, I have a few ideas up my sleeve that might just work.
Pro Tip 3/3
Informal Use
This idiom is best for informal conversations and may not suit formal or academic writing. In our next game, I've got a new strategy up my sleeve.