I used the elliptical tool and stroke to create the circle, then used math (ick) and the by-guess-and-by-golly method, pen tool and stroke to create the pentagram. I warped the braided key chain to form the circle and a part of the key to form the pentagram.

I used inner shadow on the different parts of the pentagram. The background was made by scribbling with paint, blurring and then using different strengths of the eraser tool for variation.

I blended the parts together and merged.To get the shadows right, I made a copy of the pentagram and then slid it down at the angle of the shadows. Where the second pentagram overlapped the first, I used burn to create the shadow. A layer mask was used to make the weave with the circle.

I used the same method to put shadows on the ring.

Now its time to hang the charms. I used the clone tool to fill the gap in the plain key ring. I linked copies together and then used Layer>Layer style>color overlay to make them golden. I made a copy of the ring, shifted it and then merged to make a grooved ring.

I used warp and liquify to zig-zag the wavy key ring.

I doubled the heart, moving the back copy forward, decreasing the brightness and then merging. I used overlay to brighten it up and distort to turn it.

I used warp to bend the dark key ring, copy and flip, then merged the two layers. I bumped up the brightness, then added a color overlay to make it appear blue-ish. Distort to turn it.

I added shadows using the same methods as before.

I made copies of parts of the blue weave to form the hearts, then cloned over the original blue weave.

Before merging the hearts to the ribbon, I added more ribbon with a copy. I used overlay and color adjustments to make the ribbon red and then darkened it with the brightness/contrast control. I used liquify to put a knot at the top.

I used warp to twist the ribbon, then used adjustment layers for brightness and darkness. I then added some shine to the lightnening charms, using an assorted brush and blur.