I agree with some of the above posters, sounds like it's your IT band. Foam rolling is a good thing. Stretching as mentioned above also helps, here are two the the stretches I prescribe to patients for this problem:
Hip flexors/TFL
Piriformis/glute max
Just note that the video above emphasizes the piriformis stretch but this strech does hit the glute max also and for a lot of biomechanical reasons that I won't get into here, it's a great stretch for cyclists in general but especially those with IT band pain.
As for bike fit, a saddle that is too far forward can cause this type of pain just as readily if not more so that a saddle that is too far back. In fact in women I think it's more common to have IT band pain if the saddle is too far forward, not the other way around. Saddle height is a factor too. You probably should be thinking about a bike fit sometime in the near future.
I hope that helps.
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