Wallace was still on cloud nine yesterday after the stunning first-up win of Shoot Out in the group 3 Bletchingly Stakes (1200 metres) at Caulfield on Saturday.

But the experienced Queensland trainer has no doubt the best is yet to come from the AJC Derby winner, and he will not be wrapping the best horse he has trained in "cotton wool".

"Shoot Out will have six or seven runs in the spring, he won't get the cotton wool treatment that some might give a horse like this," Wallace said. "He is a racehorse and that is what he will be doing."

The four-year-old gelding, purchased as a yearling for just $15,000, has already won $1.4 million in prizemoney in just 12 starts.

"Anything is possible with this bloke, I have never had one like him and I doubt few trainers have had one that could match him," Wallace said.

"Of course I would love to win the Caulfield and Melbourne cups with him, that is the holy grail.

"I will say right now I do not know if he will get the two miles, but he does give every indication he can."

But Wallace perks up when the Cox Plate, Australiasia's weight-for-age championship is mentioned.

"To me, Shoot Out has a real Cox Plate look about him," he said.

"I reckon that is the race that would be perfect for him.

"A mile and a quarter seems to me to be the perfect distance for him this spring, but right now I am not ruling out anything.

"He will run every fortnight and just keep taking on the best horses around."

Wallace said Shoot Out would be back in action on Saturday week in the group 2 J J Liston Stakes (1400m) at Caulfield.

Wallace said yesterday that Shoot Out was "sparkling" yesterday morning after his big win.

"For most horses which are stayers to run and be up there all the way to win over six furlongs would flatten them cold," Wallace said.

"But Shoot Out is ideal this morning, he is sparkling and that is why you have to sit back and let him tell you where and what he is capable of in a preparation.

"We will go to the Liston confident, and if he wins there he will just keep stepping up in distance until we have to decide if we do have a go at all three."

The three are the Caulfield Cup, a week before the Cox Plate and then the Melbourne Cup 10 days later.

On Saturday Shoot Out ($6.50) amazed everyone when he led early and out-fought his rivals in the run home.

He looked beaten but refused to give up and came again to score by half a length from Stanzout ($13).