1. Start by creating a new doc, my size was 400x400 and write some text in the middle of the canvas (I wrote Candy). It's important to use a single font.
2. Now go to Blending Options:
Drop Shadow: modify angle to 50 and size to 10;
Inner Glow: modify opacity to 40 and size to 7 (try to make it look gloomy);
Bevel and Emboss: modify attitude to 70, shadow mode opacity to 20;
Satin: blend mode to lighten, color to white, angle 19, distance 70, size 15, anti-aliased checked;
Color Overlay: don't do anything here.
3. And you're done. Looks delicious, huh? You can improve it, by adding more effects to the text.
Here is mine:
