Maybe something like this:
var menu_height = 80;
var menu_visible = true;
var old_scroll = $(window).scrollTop();
function checkMenu() {
    new_scroll = $(window).scrollTop();
    if (old_scroll < new_scroll && new_scroll > 0) {
        // Scroll down
        if (menu_visible == true) {
            toggleMenu();
        }
    } else if (old_scroll > new_scroll) {
        // Scroll up
        if (menu_visible != true) {
            toggleMenu();
        }
    }
    old_scroll = new_scroll;
}
function toggleMenu() {
    if (menu_visible == true) {
        // Hide
        $('#menu').animate({top: '-='+menu_height+'px'}, 200, function(){ $(this).css('display', 'none') });
        menu_visible = false;
    } else {
        // Show
        menu_visible = true;
        $('#menu').css('display', 'block').animate({top: '+='+menu_height+'px'}, 200);
    }
}
$(document).ready(function() {
    // Show / hide menu on scroll
    setInterval(checkMenu, 100);
});
Codepen: http://codepen.io/anon/pen/dPGggg