Indeed - or between the 3 o'clock and 6 o'clock position, so ideally around 4.30
Shazaam says (in answer to someone else trying to tension their chain):
"It sounds like your eccentric hub is in the top 1-2 o'clock position instead of the correct lower 4-5 o'clock position. Both positions give the same chain freeplay but the torque-induced tension at the upper position tends to loosen the chain if the hub eccentric rotates."