Pa-CHANG!

This is the one you made :] No problems with it for now as long as you keep it at that. Now is time for some scetching to get a sense for the whole thing. This is absogodammitlutely necessary. It could be a stick figure or a sillhouette or whatever you like, but for detail maniacs like you and me, it's a great way of just drawing out a map of possibilities; so that you when finished can go 'phew', there's the whole thing as it's gonna be. Let's fill it with details and do the fun stuff :]
That way you won't do the head and then the arms and then get disappointed when the arms look like blobs compared to the head and stick with it until the arms look nice and then give up because you don't wanna draw the legs and you can't come up with a good way to do them because if you wanna do the pose you was aiming for, you're gonna have to redo the arms and they were already finished and you like them.
You can avoid that kind of situation just with a silhouette or a stick figure. For pixel art, I prefer sillhouettes.

Like that. Since we had a reference, making the proportions weren't that hard and so.

Your original sketch was in 2 colours and that's suparr. 2 colors to define what kind of details you want or to define important parts inside the sillhouette.

And then you might arrive somewhere around here. But this is awful looking,

I just slapped some preliminary details in there. Now one could go on with some overall colours and shading or just slack off and make all the details right.
I'm sorry for hogging your picture like this, but I thought it could be of some help. I'm a detail maniac myself and I know this can really be a great pointer.
So now go and surprise us all. I highly recommend you make a sillhouette or a stick figure and come back and show it to us. From there we can start giving you the kind of critique you'd like to hear :]
Do your best, I'll be rooting for ya.