It actually happens like in the the middle of your menstural cycle, usually 14-15 days after your period and 14-15 days before your next menstural cycle. Check out this article:
http://health.yahoo.com/experts/pregnancy/984/using-ovulation-testing-to-help-you-get-pregnant/
And this is a tool that you can enter your info and it tells you when you're ovulating:
http://health.yahoo.com/pregnancy-getpregnant/interactive-tool-when-are-you-most-fertile/healthwise--tn9893.html