Step 1 : Start with a new file 300x300, white bg. Set your fg and bg colours to default ( press D)
Step 2: Go to Filter>Render>Clouds
Step 3 : Now go to Filter > Pixelate > Crystallize and choose any size - preferably a larger size (70-220)
Step 4 : Now go to Filter > Artisti c >Plastic Wrap and use these settings: Highlight Strength:15, Detail:9 and Smoothness:7
Step 5 : Now we are going to change the colors, so we press Ctrl+U or Image > Adjustments > Hue/Saturation. Check the colourize box and then make it any colour you want I have used: Hue:207, Saturation:51 and Lightness:-42
Finished: Now you are done. Unless you want to add more maybe some text! or a lens flare! Above and Below are examples of using this effect.
