This part of the sky is found by following the "tail" stars of the Plough downwards; in fact you can see Alkaid, the end star of the tail, at the top of the chart.
The best time to see it is in the hours before dawn when it's high in the eastern sky.
Comet Lovejoy is shining at around 5th magnitude which means that it's bright enough to be seen with binoculars.
I took this photo of the comet earlier in November when it was in the constellation Cancer. It has moved rapidly across the sky since then - mostly due to the fact it's passing fairly close to the Earth this month: just 0.4 AU away.