Next we shall write the word STYLE, representing each letter on a separate layer.

Select the parameter Free Transform>Skew for each letter, changing also their shape the same way demonstrated next picture:

Merge down the layers containing the letters of the word STYLE. It’s necessary in this case to press Ctrl button, mark out the corresponding layers and then press CTRL+E. We need after that to represent a kind of train of the word STYLE. This time we shall hold on CTRL+Alt buttons while pressing several times the cursor button (on the keyboard).

Merge Down the multiplied layers, except the one from the top (the layers containing the STYLE word) in a single layer (press Ctrl button for accentuating the appropriate layers and then press CTRL+E). Set the next parameters for the last layer we’ve got. Blending Options>Gradient Overlay

Gradient’s parameters:

Blending Options>Stroke

Merge Down the last layer with the demonstrated above parameters. It’s necessary in this case to create a new layer above the one we work with (Create new layer) and press Ctrl button to mark out both of the layers and only after that press CTRL+E.

On this layer we shall use the Burn Tool (O) to put some shadows on the voluminous parts of the letters.