Yes, water retention weight drops off quickly after my cycle ends. My body can retain water better than the Hoover Dam and it likes to pack on 5lbs or so during my monthly cycle.
More recently, instead of adding water weight, my weight holds steady and then drops down when my cycle ends. The first month into my journey I felt very frustrated by this phenomenon, but now I expect it and look forward to the big drop off when it ends.
Initial goal 135 - reached March 3, 2012
Second goal 125 - reached May 24, 2012