Create a new document (Ctrl+N) of your own size.
Select Text tool and insert your desired text.
Select the text you just created. Then Edit->Duplicate (Ctrl+Alt+D) to duplicate your text.
Click Modify->Transform->Flip vertical to make your duplicate text upside down. For more realistic effect, make sure the height of the upside-down text smaller than the original text.
Select your [...]

Open the image you want to make horizontal line effect.
Select the Rectangle Tool from the toolbox and draw a rectangle over the image.
At the properties window, set texture to Line-Horiz 3 and give texture amount to 50%.
Don’t forget to tick the Transparent check box.
Go to the layer window and set the opacity of the rectangle [...]

Type your text on the canvas.
Select the text and click on Modify > Flatten Selection
Click on Filter > Eye Candy 4000 LE > Motion Trail
Set the values Direction:87 Length:110.00 Taper:40 Overall Opacity:60 and then click OK.