Photoshop Quick Tip #1

As I was making some typography today, I actually put the wrong setting on something and created something I did not know yet.
This effect is simple, so I decided to make it a ''quick tip'' instead of a whole tutorial.

So here is the effect:




So let's start:

Way #1
Just open up an image and type some text (with the text tool T). (Does not matter what colour)
Then double click on the right side of the layer name. (*1) This should open up the Layer Styles dialogue. Go to the Gradient Overlay ''section'' (*2). And set the Blend Mode to Luminosity (*3) and change the gradient to a rainbow gradient (Should be standard). (*4)

A little image (click to magnify) to help you (thats why I put *# in the text):




Way #2 (especially for Gimp users)

(This will added later due to Gimp failures, I am sorry)