Hey your on the right track. I can give you a tip on water colours if you want. If you want to punch out/sculpt the form, you should use mix some complimentary colour into the main colours to create the darker hues. Don't use black. For example, on his glove, to sculpt the shape with the shadowed area, mix a touch of blue into the same red and apply that as the shadow. Don't do it to this one though, it will get muddy. Same rule applies for all your colours.