You ovulate about 10-14 days after the first day of your period (although some women ovulate after 14 days and some before 10 this is the 'normal' range). The process of ovulation is an egg being released from your ovaries and travelling to your fallopian tube. Once there it waits for fertilization. If it is fertilized (this is conception) within 12-24 hours of being released it will travel down to the uterus and implant, (this is pregnancy)- this takes about 1 week. Hope this answers your question :)
Egg is released during second stage of menstrual cycle. A menstrual cycle has 3 stages. First stage is characterized by menstrual bleeding that can last for 2-7 days. Then starts second stage during which ovulation takes place. Usually, ovulation takes place 7 days after the periods or 2 weeks after the start of the periods. Exceptional cases are also there because some ladies have tendency to ovulate early and some late. Third stage can last for maximum 2 weeks after which new cycle start with the periods if there is no pregnancy.