Cool
Transparent Text Effect in Photoshop® Part Five
29. Layer 4 is now positioned directly under Layer
3. Activate Layer 3 by clicking it in the Layers palette.
30. Click the small triangle in the upper right corner
of the Layers palette (circled below) to access the
Layer Options menu. Choose "Merge Down"
from the menu.
31. Next, click the visibility icon to hide Layer 1
(the black layer). We are finished with it.
32. This is the merged layer (Layer 4) that contains
all the text shading.
33. In the Layers palette, click the visibility icon
on the background layer to make it visible. Layer 4
is still the active layer, though (it is highlighted
in the Layers palette).
34. The effect is almost finished. The shaded portions
of the text are still a bit harsh. The black portions
are too black and the white portions are too white.
We want to give it a transparent look so we can
see through the shadows and highlights to the underlying
image.
35. With Layer 4 still active, click the opacity slider
in the layers palette. Knock the opacity back to about
75%.
36. This is the finished image. The text appears more
transparent by adding this finishing touch.