1. Create a new file with 500px*300px with background color as Black.
2. Using Text tool type any word of your choice. Change the color to white. Double click the text layer in the layer window to open the Blending options.
3 Apply the following layer styles:
SO the effect looks like:
4. Create a new layer. Using custom shape tool, draw the following shape over the text:
5. Change the blending mode of the custom shape tool to Overlay and opacity t0 48%.
So the final outcome is: