Mystic Journey's winning sequence has come to an end after an upset in the Makybe Diva Stakes at Flemington but the mare remains favourite for the $5 million Cox Plate.

Mystic Journey was upset by West Australian vistor Gatting in Saturday's 1600m weight-for-age feature, bringing to an end a seven-race winning sequence for the Tasmanian mare stretching back just over a year.

"As I've always stated we've never been scared of defeat," Mystic Journey's trainer Adam Trinder said.

"If you think you're going to win every time being in racing, you're in the wrong game effectively.

"I think she has run really well. If running second in a Group One is the worst thing that happens to us, we're pretty well placed in life."

Trinder felt Mystic Journey presented to win Saturday's race in the straight but Gatting, who started $101, fought on strongly to deny the $2.05 favourite by three-quarters of a length.

Trinder said he was still happy with where Mystic Journey was placed and the mare was just beaten by a better horse on the day.

"I thought she was still fantastic," Trinder said.

"They ran really slick time obviously with the firm track today and ran home in a good sectional. She presented like she was going to go on and win the race but full credit to the winner, he was fantastic.

"He found the line with good enthusiasm. It was a good ride by the winning jockey as well, Jamie Kah made us work a little bit for the first 600 metres which may have been the telling factor late.

"But the bottom line is we were really pleased with our mare."

Trinder will let the dust settle before locking in where Mystic Journey runs next. The mare, who has 11 wins from 15 starts, is $4.50 favourite for the Cox Plate on October 26 with Japanese mare Lys Gracieux next at $8.

"My thought process is Turnbull Stakes straight into the Cox Plate but if we feel we need to diversify to put another run in there, there is the option," Trinder said.

"We'll have a look at her throughout the course of the week and make up our mind moving forward."