Is ovulation cramping common?

We have recently been talking about getting pregnant, and I have been trying to be more attentive to my cycle. I have noticed for the past few months that I have been paying attention, that I tend to get some light cramping each month around the time that I might be ovulating. The cramping is lower abdomen, right above my hip bone on one or the other side, usually lasting on and off for half a day or so. Is it common to have ovulation cramping? Also, would this be a reliable predictor for trying to conceive?