sgfranklin

I had the second "Reveal All" turned off.

That did it, thanks @Damien Symonds

Read through again, but don't see how I'd get a padding around my watermark. 

I want it in the bottom right, just not sitting right on the edge

Is there a trick to slightly insetting the watermark from that bottom right corner?  

In the example picture above, there is a bit of space below and to the right of the watermark.  My text sits right on the bottom.

My watermark .psd file does have extra transparent pictures underneath it.