I feel my short game is the 2nd best part of my game next to my putting and if you give me a decent lie and any club in my hand from 3 iron to LW and i just HAVE TO put it close this is the best way to do it in my opinion. Read below for my technique; critique it, add to it, post your own. I'm always trying to learn new shots (this post is a cut/paste from another site):
One thing that may help you is that, naturally, to hit a straight shot (with any club) you need to strike the ball in the inside back corner of the ball with a slightly open clubface. Why? Because the ball compresses and rebounds on the face for a duration of about 3/4" so if you hit it with a slightly open face, during compression the release occurs, and once the ball is done "compressing" it leaves the face when the clubface was square. Make sense?
So if you take that new knowledge and hit the back of the ball (think 3 o'clock) and use your normal swing you will hit a pull or pull hook because the face will be square at "impact" but the face will be slightly closed at separation (when the ball leaves the face).
Now that you understand that you can now start really manipulating your "punch" shot. The thing about the punch shot is that you only really need 2 things: 1) a flat left wrist at impact (no flipping through impact) and 2) a shorter backswing and a shorter followthrough. That is the "basic" punch.
For a more advanced "punch" you can use your new knowledge above on where to hit the ball for different shots. How about a punch draw? Hit the inside back corner with an inside/out swing and normal release and it should punch straight, maybe draw slightly in the air, but mainly spin to the left when it lands.
How about a punch cut? Same thing as above but do your best to "hold off" your release. Since you are hitting the inside back corner and "holding off" the ball will leave the face when its still open and you'll put cut spin on the ball.
Lastly, my personal favorite, the Trevino Burning wedge: The thing with this shot is you actually want to hit the back of the ball with almost a "pull" swing. Why? Because you hit the ball with the face square to the target and procede to not release the club at all...you simply let the club go straight up, like it was a big pendulum. If executed correctly the shot will start off very low (almost look like skull) hop once/twice on the green and ziiiiiiiiiiiiiiiiip.
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So what do you think? My favorite is the low burning wedge that looks like skull and the punch cut. I can do them with any iron i want and is one the of most deadly shots i have ever found and can do time and time again under pressure, which is what counts.