Classic FCP7 Alpha Transition for Final Cut Pro X
Download the Alpha Transition Content from apple at this link here.
Before you add your alpha transition clips, just like in Final Cut Pro 7

This is what it will look like after you add, your clips.

You can download the Classic FCP7 Alpha Transitions For FCP HereX
NOTE: This has been updated to support clips up to 5 seconds.
To install expand the ZIP archive and add the folder to the Motion Templates folder in the Movies folder of your home directory. Add Effects to the Effects folder and Transitions to the Transition Folder.
Some Tech notes worth mentioning. While adding all 3 types of clips allows for the Alpha transition to perform just like it did in Final Cut Pro 7, adding a Wipe Matte Only does not create the desired wipe only effect. To get the same wipe only effect that was possible in Final Cut Pro 7, add your wipe matte to the Wipe Matte drop zone and the Clip Alpha Matte drop zone. This will produce a clean looking wipe. Again this is only if you have a Wipe Matte Only and not any of the other clips. To create your own wipes using this transition, the “Wipe Matte” must go from White (Full Opacity of the outgoing Clip) to Black (Complete Transparency of the outgoing clip).

Thanks for taking the time to create this.
Great stuff. Much appreciated.
I DOWNLOADED THE FILE–SO DO I TAKE THE WHOLE FOLDER TO TRANSITION OR DO I NEED TO DO SOMETHING ELSE IN ORDER FOR IT TO WORK–THANKS
To install expand the ZIP archive and add the folder to the Motion Templates folder in the Movies folder of your home directory. Add Effects to the Effects folder and Transitions to the Transition Folder. Hopefully that helps. Take Care!
THANKS