Step 1. Let’s get started, create a new file. I used a size of 600 × 500 pixels at 72 ppi and I filled it with black. Now create a new layer and name it ‘‘ Dark Text ’’. After select the tool Horizontal Type Tool 
(Horizontal text), install the font Arial, the size – 150 pt, black colour.
Step 2. Add a style text Layer> Layer Style (Layers> Layer Style) Add Inner glow (Internal glow) and Gradient overlay (Gradient overlay) with the following settings:
Result:
Step 3. Create a new layer, without leaving it create a selection layer ‘‘ Dark text ’’ to do this, click on it with the Ctrl key pressed, which we move to the left a few pixels.
Step 4. Add style Layer> Layer Style (Layers> Layer Style) Add Inner Glow (Internal glow) and Pattern Overlay (Pattern overlapping) to your second black text layer.
Result:
Step 5. In the new layer, create a selection of the ‘‘ Dark text ’’ layer and fill it with white.
Step 6. Add style Layer> Layer Style (Layers> Layer Style) Add Inner Glow (Internal glow) and Gradient Overlay (Gradient overlay) to the white text layer. Blending mode (Blend Mode) Change to Darken (Replacing dark).
We get:
Step 7. Now merge the layers with Ctrl + E. Apply filter to new layer Filter> Artistic> Plastic Wrap (Filters – Imitation of artistic effects – Cellophane packaging) using the parameters below.
Result:
Step 8. We go to Layer> Layer Style (Layers> Layer Style) and add Inner Glow (Inner Glow) to your text layer.
We get:
Step 9. Now add a selection around your text layer and go, Edit> Copy Merged (Edit – Copy the merged data (Shft + Cntr + C)). Now paste in what you copied and apply Filter> Blur> Radial blur (Filters> Blur> Radial Blur), use the settings below.
Total:
Step 10. Move the blurred level behind your dark text layer and apply, Filter> Sharpen More> Sharpen More (Filters – Sharpness – Sharpness +)
Final result:
