Wet weather and the widest draw for Irish mare Magic Wand have English jockey Ryan Moore hopeful rather than confident going into his latest Melbourne Cup bid.

Winner of the 2014 Melbourne Cup on Protectionist, Moore rides Magic Wand for champion trainer Aidan O'Brien in Tuesday's $8 million race.

Flemington has been rated in the soft range on Monday.

Magic Wand stuck on gamely for fourth after leading in the $5 million Cox Plate at The Valley (2040m) in her first Australian start last Saturday week and she will be striving for an elusive Group One win in her first attempt racing over 3200m.

Magic Wand has figured in the top three on seven occasions in elite-level races around the world including six Group One seconds.

"She's a very high-class filly but she's running the distance for the first time and I wish it wasn't raining really," Moore told AAP after Monday's Cup parade in Melbourne.

"I was looking forward to riding her because she's got a lot of ability. The rain and the draw isn't ideal, but you make the best of it.

"It was a very good run in the Cox Plate. It's probably one of the stronger pieces of form going into the race, maybe.

"Obviously there's big question marks - the trip, ground, draw."

Magic Wand, one of three runners in the race for O'Brien, was at $26 on Monday.

Moore also rode stablemate Hunting Horn at The Valley last Saturday week, winning the Moonee Valley Gold Cup (2500m).

He said Magic Wand in the Cup had slightly better form.

Moore is one of four of the 24 jockeys competing in Tuesday's race who have won the Cup.

The others are three-time winners Kerrin McEvoy and Damien Oliver and 2012 winner Brett Prebble.

"Everyone knows how big the race is. It's a massive race," Moore said.