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Over the past two decades, a large literature examining psychological changes across women's ovulatory cycles has accumulated, emphasizing comparisons between fertile and non-fertile phases of the cycle. While some studies have verified ovulation using luteinizing hormone (LH) tests, counting methods - assessments of conception probability based on counting forward from actual or retrospectively recalled onset of last menses, or backward from actual or anticipated onset of next menses - are more common. The validity of these methods remains largely unexplored. Based on published data on the distributions of the lengths of follicular and luteal phases, we created a sample of 58,000+ simulated cycles. We used the sample to assess the validity of counting methods. Aside from methods that count backward from a confirmed onset of next menses, validities are modest, generally ranging from about .40-.55. We offer power estimates and make recommendations for future work. We also discuss implications for interpreting past research.