Here you will learn how to make shiny balloons in photoshop, with easy glossy effects, it requires only a few easy steps in photoshop, so even beginners may be able to do this technique.

1.
Start by make a elliptical selection as shown in the first image below, then choose your gradient tool and make a gradient that looks like the second image below. (Remember the gradient should be in radial mode)

2.
Then drag in the selection with the gradient tool so the light red color is at the top left of the selection. Then from the layers panel make a new layer still having the elliptical selection, and make a new gradient as in the image below and drag again.

3.
In the layers panel drag the first layer to the top, and set its blending mode to multiply.

4.
Now we will make some shiny reflections to our balloon, so make a new layer above the other layers, and grab your elliptical selection tool, make small round selection inside the balloon area as shown in the image below.

5.
Hold down ctrl and press D, to deselect all, now go to filters -> liquify and with the tool called forward wrap from the left panel, drag some times to make the shape look like in the image below, remember the important thing is that the white shiny shape should follow the balloons round curves.

6.
Now do this with to more shapes, one at the bottom left and one at the bottom right then give all of the shapes a gaussian blur

This is how mine looks before the gaussian blur.

This is how they look after the gaussian blur.

7.
In the layers panel make a folder and drag all the balloon layers in to the folder and name it balloon,

Then for each of the two red balloon shapes we started out with select one of them and go to image -> adjustments -> hue and saturation and make sure that the setting, colorize is checked, then drag the handles to change the balloon colors.
Do this for the other layer to and put its saturation to 100 percent this will make it lighter.

Now you are done, you can make some copies of your balloon folder and change the colors of the balloons as in my finished image, you can also make a string with the pen or the brush tool, as I did.