recently updated!
This Filter only works on the Alpha Channel of the Layer you're working on.
recently updated!
This Filter only works
on the Alpha Channel of the Layer you're working on.
BackGround
Make a New Layer (the Type Tool in PhotoShop automatically makes
a New Layer for you)
After Typing on the Layer
Uncheck 'Preserve
Transparency' 
like this
Very Versitile - Highlight/Shadow can be at any Angle (by 15
degree incraments)
here I blured the layer slightly to kill the hard edges
Example 2
Make a New Layer
Any Grafix you choose
Original Color is Preserved at any Opacity you choose,
HighLight/Shadow Opacity is Separately Controlled