If you tone down the highlights on the red circle from the source, this would look much better, You have an interesting idea, but it just doesn't fit in this scene light wise or light source wise. The masking could do with a bit of work as well.

try adding some shadow from the head and the stick because you have light and light will make shadows.

Complement colors, nice

Bad, bad edges...clean this up for a better vote...the idea's not bad. Use pen or lasso tool to extract images neatly.

You can also use liquefy/push tool to make the edges strait. You also might want to put a ripple effect where the ring touches the water.

idea is great but croping is not that good...good luck author