Transparent forms

Hi
I have two transparent windows with WS_EX_LAYERED and 40% alpha.
I'd like to see what is painted on one of the forms through the other on top, but this second form only displays what's below the first one.
Some help please?

I dont understand, what does that mean ? It's transparent, so you must be able to see whats behind, right ?

Sorry for my english
I got two semi-transparent forms, one on top of the other, and want to see through the top form whats drawn onto the other form; but i just can see desktop and nothing drawn on the first window

Oh sorry. I was getting a wrong device context