Example of the style we're trying to achieve:




1. Create a new document, 600x250 with a dark background.
I used #212121, you could also use a dark gray to black gradient.


2. Add white text, rasterize it and duplicate it twice.(I used the 'Birth of a Hero' font, it's free, and looks great, highly recommended.)


3. Hide the original layer, and with your first duplicated text layer, add a gradient overlay, and arrange it so each letter has one main color.


4. Duplicate the gradient layer, and move the duplicate over all the other layers. Give the first gradient layer a soft blur (4.5) and your top gradient layer a harder one (7-9).
Now you should have your layers arranged like this:
Gradient
White text
Gradient
White text


5. Create a path, twirling around your first letter. Stroke it on a new layer with a 10-sized brush, using the main color for that letter.
Repeat for each letter.


6. Apply a white inner glow to your stroke layer, and erase parts of your stroke to give a dipping and rising effect.

This is the end result: