Step 1

Take a new file of 400 pixels, 400 pixels, of resolution 72 dpi in the RGB mode.

Step 2

Select the Gradient Tool apply the following settings.

Step 3

Now fill the background with gradient tool.

Step 4

Select the Rounded Rectangle Tool apply the following settings and create the shape to the left

Step 5

Now we can the following layer styles

Outer Glow

Inner Glow

Color Overlay

Your result should look like mine

Step 6

Select the Elliptical Marquee Tool "0"px.

Hold Cntl+Click the shape layer to make a selection then create a shape like whats shown to the left.

Step 7

Make a new layer fill that layer with #f26520.After that press cntl+t, then right click to select the Flip Horizontal. Once you flip the image more the new layer with the above orange color to the left.

8 Step

Select the Elliptical marquee Tool create a shape, make a new layer fill that layer with #f26520.

Then move the opacity down to about 87%

Step 9

Hold Cntl+Click the first shape layer to make a selection then create the following shape

You should get the below image

Step 10

Go to Select > Modify > Contract and set it to 7.

Step 11

Now create a new layer make sure your forground is set to white Now select the gradient tool and set it to Foreground to Transparant and drag it from top to bottom Note I add some gaussian blur

.

Step 12

Select the Rounded Rectangle Tool create a shape like this, then right click to select the make selection

Step 13

Now create a new layer make sure your forground is set to white Now select the gradient tool and set it to Foreground to Transparant and drag it from top to bottom. Change the Blending Mode to Overlay. Note I add some gaussian blur

Step 14

Here is my final result.