Gradient? s parameters:

Creating emoticon in Photoshop CS

We should merge down all the layers composing the eye in a group now.
Make a copy of this group and apply Free Transform selection to increase it a little.
Place the eye?s pupil and the flare in the central part like it is demonstrated in the picture from below:

Creating emoticon in Photoshop CS

Select the next tool
to draw the silhouette of the other hand.

Creating emoticon in Photoshop CS

Creating emoticon in Photoshop CS

Blending Options-Drop Shadow

Creating emoticon in Photoshop CS

Blending Options-Gradient Overlay

Creating emoticon in Photoshop CS