This is a phrase that comes from the old wild west. back in the wild west Poker was a game played very regularly by cowboys.`and to 'have a ace up your sleeve' means your that you somehow won the...
One up, one down - or two up, two down and so forth - refers to matters that are briskly dealt with as they appear, like a succession of easy targets in a shooting gallery.
A person would hide a card up his sleeve if he was playing poker or performing card tricks. So, this term meant that you had a trick or a surprise that you were concealing.