Rebuilt 318 install problem

I've made sure when setting up the distributor that the reluctor is in the with the pick up. Is that right? Is there another way of lining that up?

The point of the reluctor wheel is lined up with the metal bar in the center of the pick up coil and the rotor should be close to # 1 on the cap.
I always set mine up to 10* on the balancer also and it's usually within 2* of perfect.