I have a problem enabling transparency in terminator.
Compton is enabled.
JWM Menu has transparency???
works for me..
assuming you have configured terminator (preferences>profiles>background)
perhaps something in compton.conf?
this line? : detect-client-opacity = true;
EDIT.. hmm (i'm using openbox) looking at the /var/lib/obarun/obarun-install/config/jwm/rootfs/etc/skel/.config this seems to be set already..
is compton really running/working? ie. is JWM menu transparency "real" or "fake"?
on some .jwm file input this : 
<Group>
      <Name>terminator</Name>
      <Option>opacity:0.9</Option>
    </Group>
Be aware that it's the entire windows which will be transparent. I think a trouble exist with terminator about this though

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