combining 'toggle' and 'animate' ?

combining 'toggle' and 'animate' ?

Hi folks,

Can't get the syntax right : the idea is to, on a first click,  fade an element out, then move it, and then fade it in:
<p onclick="$('#myelement').fadeOut(2400, function() {
      $('#myelement').animate({left:'+=120', top:'-=30'},100, function() {
$('#myelement').fadeIn(2400);   
                               });
                     });">click</p>
And then, to reverse this process on the second click. 

I've tried several combinations using 'toggle'. I think it's not possible? as there needs to also be a function which actually reverses the animation, but which is only called on alternate clicks...
                        $('#myelement').animate({left:'-=120', top:'+=30'},100, //etc

I can see that the selector ':even' might be useful, but how to add a function to a css selector? 

Confused. 
Cheers.