Blending Options-Gradient Overlay

Create Futuristic Art Design Desktop Wallpaper in Photoshop CS

Gradient?s parameters:

Create Futuristic Art Design Desktop Wallpaper in Photoshop CS

Make another copy of the layer containing the flare and use again the Free Transform selection to make the copy smaller like it is indicated
on the lower picture.
Make use of different parameters:

Create Futuristic Art Design Desktop Wallpaper in Photoshop CS

Create Futuristic Art Design Desktop Wallpaper in Photoshop CS

Fill 0% on the layers.
Blending Options-Gradient Overlay

Create Futuristic Art Design Desktop Wallpaper in Photoshop CS