Gradient’s parameters:

Selecting the Line Tool (U), it’s possible to draw the thread of white color the toy hangs up with.

Getting a better result is possible when combine in a group all the layers composing the toy decoration on its thread (press Ctrl button to mark out the necessary layers and hold on left mouse’s button when taking down the marked layers on Create a new group option). Make two copies of the last made group and choose Free Transform option to make some changes on the copies’ sizes, placing them the way shown next picture:

Try to draw now the light reflection on the decorations, applying the Ellipse Tool (U) for representing the reflection on the most distant toy. Place this layer in front of the primary layer belonging to the most distant toy decoration, on the layers’ panel.

The layer’s parameters: Opacity 50%
Blending Options>Gradient Overlay

Gradient’s parameters:

Hold on Alt button and make a mouse click between the reflection’s layer and the primary layer of the most distant situated Christmas decoration (on the layers’ panel) for the reflection’s layer to be applied in the limits of the toy’s primary layer.

Make a copy of the mast represented layer and choose the Free Transform option to make the copy a little smaller, placing it after the primary layer, belonging to the biggest toy decoration (on the layers’ panel). Hold on Alt button and make a mouse click between the layer the way we did before to get the appropriate effect.

Using the Ellipse Tool (U) is possible to represent a vertical fillet of white color which shape may be corrected with the Convert Point Tool.

Next we have to select the same method and the same tools for drawing one more fillet of white color.

Create a new layer and select on it the standard Brush Tool (B) and the color #F8C701 to represent a fillet as if it would be made of small circles.

Download out of Internet a set of ready to use brushes for Adobe Photoshop, named dw_flake.
Create a new layer next and select the Brush Tool (B) of white color out of the mentioned above set of brushes.

The layer’s parameters: Fill 50%
Blending mode-Overlay

Create a new layer and select on it the mentioned above Brush Tool (B) of white color for drawing several more fillets made of small circles.

On the final stage we have to create another new layer (Create new layer) and apply on it the Brush Tool (B) out of the set dw_flake to draw several more snowflakes of white color.

The holiday picture is finished!

View full size here.

Download brushes here.