you can adapt this by playing with the layer styles and adjusting them for whatever element you are trying to make. In this example I am making a " bubble " photo frame
 
start with a plain circle ( or whatever shape ) and we are going to add some layer effects
 
 
your bevel will determine the shine. i like to put the light source ( uncheck global light ) very close to the center, and a bit off to the side. boost the highlight, lower the shadow, and use one of the profiles that gives me a nice bubble look. its not always the same but you can see which i used here. I also applied a gradient ( black and white, set to radial ) and in this example you see it at normal mode, but for actual use, youll want it more transparent, such as soft light.
 
you can adapt this by playing with the layer styles and adjusting them for whatever element you are trying to make.

start with a plain circle ( or whatever shape ) and we are going to add some layer effects



your bevel will determine the shine. i like to put the light source ( uncheck global light ) very close to the center, and a bit off to the side. boost the highlight, lower the shadow, and use one of the profiles that gives me a nice bubble look. its not always the same but you can see which i used here.

I also applied a gradient ( black and white, set to radial ) and in this example you see it at normal mode, but for actual use, youll want it more transparent, such as soft light.



go to the blending options, and lower the fill, till your shape becomes as clear as you want it. if you go all the way to zero, youll only have the layer effects displayed



for definition you can also add a very small inner shadow and / or drop shadow, like shown here to make it pop a bit off your layout.

then i cropped around my bubble, and just cause i like things dramatic, after merging visible, i duplicated my photobubble, and set the top layer to soft light, to finally get this effect.