The FX Illustration will teach you how to create multiply layer effects with layer styles and how to use Layers to draw!

Begin by creating a new doc and layer set.

FX Layer illustration

Select round a re using Elliptical Marquee Tool (M).

FX Layer illustration

Copy the layer from Background using Layer via Copy Command.

FX Layer illustration
 


Fill the selected area with rounded average black to white gradient.

FX Layer illustration



FX Layer illustration

Do it again.

FX Layer illustration

Select little round area on the top, using the same Elliptical Marquee Tool (M).

FX Layer illustration