STEP-1

Let's start by creating a new document. Set the dimensions of the canvas to 900x1200 px.

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STEP-2 (Creating gradient background)

Double click on the Background layer to access Layer Style and add Gradient Overlay as I shown

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Arrange colors in gradient Editor as shown and click OK

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Background will look like this after adding Gradient Overlay

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STEP-3 (Adding cloudy texture)

Create a new layer and set the background color BLACK and foreground color WHITE in the bottom of tool palate, then go to Filter > Render > Clouds. Change the blend mode to Overlay and reduce opacity to 50%.

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STEP-4 (Creating glassy effect)

Create a new layer and Type your text with Horizontal Type Tool (T). I have chosen font Cooper Std. Size 225 pt.

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Double click on the text layer to access Layer Style and make changes as shown

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Then add inner shadow as shown below

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Next add Outer Glow

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Next add Bevel and Emboss

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Next add Gradient Overlay

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Then add Stroke

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After adding all above styles the effect will look like this.

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STEP-5 (Arranging text)

Duplicate the text layer and place it in such a way one overlays the other to witness the glassy effect

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Now add your own text, I go with "GLASS"

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STEP-6 (Create shadow)

Create a new layer, draw oval shape and go to Select > Modify > Feather (Alt +Ctrl + D) give feather radius 10 pix then fill it with BLACK color and keep this layer below the text layers.

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STEP-7 (Creating mirror effect)

Duplicate all the text layers and merge them. Then with transform selection (Ctrl +T) flip vertically and place it below the original text as I shown.

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Erase slightly at the bottom part using Eraser Tool (E) and reduce the opacity of the layer to 50%

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STEP-8 (Adding special effect)

In a new layer using default brush Crosshatch4 with 50 px. Create star glow effect on text with white color as I shown.

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Result:

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