Create a new document big enough for your arrows to fit, fill your background with a color of your choice. Select the arrow out the custom shapes library.
Draw out your desired arrow shape, fill it with a color of your choice as this will change when we add the layer styles.
Label your arrow shape layer "TOP ARROW". Now hold down the alt key on the keyboard and press the down arrow key then the left arrow key (keeping alt key pressed down) do this about 20-40 times, this will determine the thickness of our arrow. Once you have finished merge all your duplicated arrow layers into one by press "ctrl + e" once you have merged all your layers label the new layer "arrow bottom" you should have 3 layers in your layers pallet "background layer", "bottom arrow", "top arrow" (make sure your top arrow layer is at the top). Here's what you should have I've colored my bottom layer red for your benefit.
Now add this gradient overlay to your top arrow layer.
Add these layer styles to your "bottom arrow layer".
You arrow should look something like this.
Using the pen tool create a selection like this.
Create a new layer above your top arrow layer and label it "shine top" fill the selection with the color white set layer opacity to about 20-22%.
Do the same for the bottom arrow layer only this time use a half a circle (see image below). Lower the opacity even more to complete the effect.
Now select the pen tool, a 1 pixel brush and the color white just create a line somewhere on the arrow.
Right-click and go to stroke path. Lower the opacity to about 60%.
Do the same as above only this time choose a different part of the arrow.
Now finally select the elliptical marquee tool and create 2 white circles.
Go to "filter > blur > guassian blur". Blur the circles by about 3 %.
All done.
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