Yes, your period definitely can mask weight loss. The trick is to hang in there and learn your body's patterns. I know that I usually gain 2 pounds, but sometimes as much as 5 pounds of water. I retain more if it's hot, if I don't drink enough water, if I don't exercise, if I don't take the calcium, magnesium, and multi-vitamins I take for PMS, or some combination of the above. So, I've learned to keep track of when PMS is likely to occur and ignore gains on the scale during that time. It's hard because PMS makes me prone to fits of depression and weeping for no good reason, but I deal with it OK most of the time, usually by writing reams in my journal.
The other thing to remember is that it changes over time. So you'll need to keep track as the years pass of what's happening today. I'm almost 50 and thnigs are way different in this perimenopause stage than they were when I was younger. So, I'm having to be more diligent with the routine that I used to.
Good luck.