Final Preview :

Hmm..... A Closer Look :
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Step :1
Create New layer above the text layer Ctrl+N ( name it color), From tool Box select Round Soft brush with Dynamic colors and apply over the Text.

Come back to the text layer and Press Ctrl and click on the text layer thumbnail to create a selection around the text. now choosing the "color" layer - Press Ctrl+J (for duplicate). and name the new layer as " Color1?.
Add Inner Shadow to the "Color1 " and move One time to the Right.

Duplicate this layer [Ctrl+J] name it "color2? and move One time to the left.

Step 2
Duplicate the Text layer and bring it to the top of other layer.
Add some Layer styles.




Preview :

Step:3
Duplicate Color layer and place above all the layer and change layer mode to color. Add some layer styles.



Step 4 (optional)
Create a new layer on the top , using a Soft brush just make a Stroke(red or any vibrant color) and change the layer mode to "Softlight".
Final Preview

Click on the Image to See in Large Version(1980*1080)

