First off, I love the character. Good pose, nice set up for a portrait style...nice work. But I especially like the complement of contrast styles. An Anime type elf set in classic olde timey garb, set against a lake background...not the typical "imp in the woods" pic usually seen for this type of character.
I agree with DW, play with some light and shadows...you'd be surprised how your image can pop.
Also, since this was a "dream," why not soften the background image? Add a little dream-like atmosphere. Haze, blur, vignette... all simple filters in Photoshop, and most other programs of the like, making post work quick. Experiment. Have fun.
And keep it up. Keep posting. Use the HFC gallery for works in progress or help with questions if you can. There are some awesome artists on this site who just LOVE to help, and share their knowledge. There are others who just love to talk, too...so I'll shut up now.