First Flow may not run again this season after taking his unbeaten record over hurdles to three at Haydock on Saturday.
Bailey is giving First Flow a couple of easy weeks following his success in the Grade Two Rossington Novices' Hurdle before looking further ahead.
"He was good. I don't know if he has to have soft ground," said the Gloucestershire trainer.
"We ran him on soft ground first time out and he ran in a really good bumper at Exeter.
"We rode him to settle at Chepstow and he should have won there, and then at Lingfield where it was softish ground.
"He'll be entered for Cheltenham but I think it's very unlikely he'll go. We won't do very much with him for a couple of weeks.
"I don't think the hustle and bustle of Cheltenham is what he wants. If he doesn't run again this season, he doesn't have to.
"I said to the owners all along if we can win three novice hurdles, we might just leave him alone.
"He's a lovely horse and is going to be a better chaser."