Motorcycle Repair: Loose Chain, loose chain, deflection

Question
I have a 83 Honda CM450E. I noticed that the drive chain seems very loose (flopping around while riding). I understand I have to pull the rear wheel back to tighten but how much?

Answer
Chain adjustment is not as easy as you would think.Get the bike up in the air. turn the rear wheel until you find the spot were the chain is the tightest.This is the point were you adjust the chain loosen the axal nut and move the rear wheel back until you have 1/2 inch deflection in the chain at that point.( up and down movement )Tighten it up and you should be good.