cam/ignition timing

The cam chain gets pressed down (by the top guide) between the camshafts when the cam cover and tensioner are installed.
The downward pressure rotates the intake cam clockwise bringing the arrow into alignment with the head surface.

My engine has an APE manual chain tensioner installed. 
Once adjusted, the cam cover can be removed without having to loosen and reset it.

Note the chain sag:
 

I see the slack in the chain.  I have none in mine.  Its taught.  Does this mean there is something wrong?  My bike has a stock cam chain tensioner.

daveo wrote:

The cam chain gets pressed down (by the top guide) between the camshafts when the cam cover and tensioner are installed.
The downward pressure rotates the intake cam clockwise bringing the arrow into alignment with the head surface.

My engine has an APE manual chain tensioner installed. 
Once adjusted, the cam cover can be removed without having to loosen and reset it.

Note the chain sag:

 

If the chain is tight (assuming the tensioner is backed off) then the pin count is wrong 

Illustration from my KZ1100 Factory Service Manual

You guys have been very helpful, thank you!  Wookie, the cam chain tensioner is installed and there is tension on the chain.  Daveo, that photo is great.  I didn't realize you were supposed to count from right to left.  I have that exact pin count.  As that photo shows, I am on the odd pin, on the exhaust side where the arrow lines up with the valve cover mounting surface.

rickysnicker wrote:

You guys have been very helpful, thank you!  Wookie, the cam chain tensioner is installed and there is tension on the chain.  

You must remove or back off the tensioner before refitting the cam cover.