Here's the red bow that I used for reference, note it is not exact, i took off the second round bow and some of the folds are not the same.

1. Sketch. See picture 1.) Leave or create a background layer of all white and then create layer 2 as your sketch. Layer should be labeled so you don't get confused. If you're adding a bow layer, you still want the white background and use the same principle but you want to create the bow seperately and move it to where you want it to show up so you can use the white background. On Amouringer I did the bow right above the background and then moved it to the neck. (I.e. above my wolf's color layers.)
2. Color. (See picture 2.) Add a third layer named "color" layer below the sketch... ie if sketch is there, go below the sketch and above the background and click the plus sign (+) with a new layer for color. Pick the color you want to use and color away keeping inside the lines. Once you have it blocked, hit lock alpha.
3. Color. (Still on picture 2.) At this point there is a decision.. lineart or realistic? I usually merge the color and lines layers together if I am leaving it looking realistic, (up in the top row of tools under edit is merge layers, be sure you have the upper layer highlighted and merge down.) or if I want lines I just leave it slightly darker lines for a border and don't really use the internal lines (rounded shapes) as much.
4. Shading. (Picture 3) Within the same color block pick a darker color to block in shading/shadows as in the picture.
5. Shadows. (Picture 4) Add a second even darker color for the places where there is shadows of the bow... ie where the loop goes over and where the bow goes over the ribbon. Also the darkest points of the folds.
6. Blending Shadows. (Picture 5). Keep in mind that in this example, my lines are merged, so as I work, it picks up the lines and blends them into the bow. Pick up the smudge tool on size 2. (Looks like a index finger under the eraser.) Smudge the colors in the general direction of how the light falls... i.e. radiating from the center for the bow and in a curve for the ribbon etc. I make short choppy strokes, not long except perhaps on t he ribbon. I usually spend quite a bit of time on getting this to look good. It should look similar to the one I've done before you move to highlights. A really dark bow.
7. Highlights. (Picture 6.) Pick a color you'd like to use for a highlight, usually the top row of the same color range toward the white but not white unless your bow is gray or silver. Here we are just blocking in the places where the light shines the most on the bow.
7. Highlights (Picture 7.) . Using the same smudge on size 2 smooth the highlights in the same exact direction you did before. Keep in mind that the high points bend or bow away so the lightest point is on top and it falls away... i.e. smudge either side of the color dragging away from it. Another way of saying that is that you actually smudge both directions... an example of this is the center of the bow... the smudge is both up from the highlight and down from the highlight, longer on the edges making it look like it is bowed upward. Practice makes perfect, it took me awhile to be able to make these look right.
8. Finishing. (Picture 8.) I've smudged even further and used the doge and burn tools in little places to make the ribbons folds stand out and darken the creases a little bit. Don't use too much dodge or burn, it really changes the color. If you want, pick up the original color or a shade darker color and using a size 10 spray paint lightly dust over the ridges, not the exact high point but where it moves down, it does give a little smoother appearance when you do so. Do not hold it down, just lighly brush the spray over the rims but not the highest points. I used this on the bottom of the ribbons because they didn't want to round out. I also use the eraser to erase any little stray pieces of color or correct the shape as needed. I did so in the top right of the bow.
BIG TIP... YOU CAN USE CONTROL Z UP TO 30 TIMES TO BACK TRACK so if you blend something wrong, just backtrack.