To create GEL TEXT? - photoshop tutorial

1. Open a new document and type something. Rasterize the text.
2. Goto Select>Modify>Contract. Give some value and click ok.
3. Select a light foreground color and fill it. Goto Filter>Blur>Gaussian blur. Input 2 as amount values. And deselect it.
4. Right click the text layer>Blending option>Bevel and Emboss. Settings as:
  


Use Inner Bevel, value as:
        Technique:     Smooth
        Depth:        61
        Size:        8
        Shading angle:    30 degree
   Remove the checkmark from use global light.
5. Use drop shadow and click ok.