Step 1:
Make a new document with a white background. Click the type tool (or Ctrl+t) and write your desired text in black.
Step 2:
Right Click on that layer in the little layer window and select Rasterize Layer.
Step 3:
Merge the text image with the background image by hitting "Ctrl+E" Then go to Filter>Pixelate>Crystallize. Set the Cell Size as "3".
Step 4:
Go to Filter>Stylize>Find Edges. Then go to Filter>Blur>Gaussian Blur. Enter 1.0
Step 5:
Go to Image>Rotate Canvas>90° CW. Then go to Image>Adjustments>Invert (Ctrl+I). Then Filter>Stylize>Wind. (Make the method is "wind" and the direction is "from the left")
Step 6:
Go to Image>Rotate Canvas>90°CCW. (this should turn it back round so you'll know if its upside down!)
Step 7:
Then go to Image>Adjustments>Hue/Saturation (Ctrl+U). Check the "Colorize" option, and input these numbers.
Final Image:
