Cool things, cool things.
The beauty of animation is that you get to start simple, and can keep adding and adding and adding all these different motions to acheive a better and better effect. It's a friggin' tweak and adjust party.
What atnas is saying is this:
When your character is in its pass position(Your frames 3 & 6 are pass positions), one leg will be bent and passing, and the other will be straight and straight up & down. At this position, the character is at its tallest. When your character is in "contact" position, its legs will look like an upside-down V (your frames 1 & 4 are contact positions) and the character, in your case, will be at its lowest.
In walk cycles with higher counts, you'll have a "recoil" frame right after the "contact" frame, and the "recoil" frame will actually be lower than the contact, as the recoil frame is the frame where all the weight is transferred to that one leg.
Having said that, I actually screwed it up in my edit. I've got the pass positions as the highest, but I have the frames right after the pass positions as the lowest. In yours, currently, you've actually got the pass position as the lowest, which ain't so good.
Another thing I gave a go at demonstrating is that everything that isn't actively getting propelled by a muscle or something will want to stay where it was in the previous frame. So, basically, for the hood and the hair you have the action one frame behind the rest of the animation, so while the entire body goes up at frame 4, the hood should go up at frame 5. When the entire body goes down in frame 5, the hood, one frame behind, will go down in frame 6.
This theory works for anything limp and hanging, so use the same idea for the hair and anything else you want to bounce for a more natural feel.
We rotate our shoulders when we walk around. I believe our shoulder movement is opposite the rotation of the foot, but I don't reaaally know. Simplest is to have the shoulders move forward and back with the movement of the arm.
Keep your shading simpler. Not only is it easier to work with simpler shading, it also makes it easier to look at. Less for the poor ol' brain to figure out. If you're determined, you could always add details after the motion itself is good and done.
Also watch that you don't stretch any bones!
(Why is it that people always forget the S in my username?!