1. Start off by opening a new document of any size, mine is 620 x 200 px. Set your foreground and background colors to default, by pressing the "D" button.

2. Filter > Render > Clouds




3. Image > Adjustments > Levels. Place "Input Levels" at 34, 1.45, and 200. And "Output Levels" at 0 and 255. (Make sure preview is checked)




4. Filter > Pixelate > Mosaic. Set the cell size to 17.




5. Filter > Brush Strokes > Accented Edges. Edge Width: 3, Edge Brightness: 47, Smoothness: 5.




6. Filter > Brush Strokes > Ink Outlines. Stroke Length: 5, Dark Intensity: 14, Light Intensity: 3.




7. Hit Ctrl + U to bring up the Hue/Saturation Panel and make sure "Colorize" is checked. Mess around with the sliders until you find a color you like. (I used Hue: 0, Saturation: 100, Lightness: 0)