The Giants surprisingly beat local rival and reigning league champions Sydney and suffered two other NAB Cup losses by just two points to power club Carlton and only three points to Brisbane in Wagga Wagga at the weekend.
The new franchise also continued to bubble with promise early into the summer competition with new contracts for a stack of brilliant young rising stars including exciting key forwards Jon Patton and Jeremy Cameron.
So Giles, who signed a new two-year term with the Giants late last year after pondering a move out, tempered the summer campaign as the Giants head into pre-season fine-tuning before this month's premiership season-opening crunch clash with Sydney.
"It's only pre-season. Every club has a good pre-season," Giles said.
"There's some good signs in the last three games.
"But (let's wait) until we hit Round 1 and head into the real stuff, when you've got full-strength sides playing each other.
"You can't really read too much into it.
"You can't say we're further in front than everyone thought we'd be.
"But we're definitely on the right track."
Giles was among best-afield in the Giants three-point loss to an improved Brisbane in country NSW and finished his game with two goals.
The Giants were somewhat saved from a bigger loss with the Lions booting an inaccurate 1.12.19 (100) to 2.12.7 (97) from the 32 scoring shots to 21.
The Giants are roundly expected to significantly improve from their debut season two victories, over fellow cellar dwellars last year Gold Coast and Port Adelaide, in 2013.
They have potential wins inside their opening month of the new season with an April schedule of Sydney at ANZ Stadium on March 30, then Port in Adelaide, St Kilda at Canberra, Melbourne at the MCG and then Gold Coast at Metricon.