Make a copy of the new made layer and then apply the Free Transform option to turn it around on 180 degrees. Select after that another tool shown here and make the shown changes below in the picture. Place everything the same way it is demonstrated below.

Creating emoticon in Photoshop CS

Select the previous instrument to draw a silhouette of a hand now.

Creating emoticon in Photoshop CS

Blending
Options-Gradient Overlay


Creating emoticon in Photoshop CS

Gradient?s parameters:

Creating emoticon in Photoshop CS

Blending Options-Stroke

Creating emoticon in Photoshop CS

Take another tool and represent an ellipse:

Creating emoticon in Photoshop CS