Now we need to remove the background from the 'blood' layer.
Reload channel 'Alpha 1' by choosing Select>Load Selection
(Document: blood; Channel: Alpha 1; New Selection). With the
'blood' layer the active layer and the selection loaded, hit the
delete key. This will remove the dark red background. Deselect
(Ctrl/Command - D) to remove the selection. Your blood letters
will now be on a transparent layer.
Next, create a few more highlights by running the Plastic Wrap
Filter again. Choose Filter>Artistic>Plastic Wrap
(Highlight Strength: 15; Detail: 8; Smoothness: 8). You will
notice that the effect is a bit extreme. Fix that by
choosing Filter>Fade Plastic Wrap (Opacity: 15; Mode: Normal).
Fade Filter Tip
Sometimes the results of a filter can be a bit extreme no matter how
much you tweak the settings. I find this to be especially true of
the Unsharp Mask Filter on low resolution images. What I do, is
run the filter at a slight extreme and the use the Fade Filter Dialog to
add just the amount of the effect that I need. You get a really
nice real time preview as you adjust the slider.