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For extremely low resolution walk cycles, the trick is to focus on the feet. If they move convincingly it's ok if you fudge the legs a bit. They need to go back, up, then around to the front-these are kinda just sliding back and forth. Check out my gallery, I have a couple examples there of very low res cycles.
Wow, thanks for the picture and your comment. Your avatar also helps to explain it. I will certainly try to make another running animation soon!
it looks like he's walking on a 45º degree angle. like in a isometric floor...
but if it is on a horizontal platform, you need to improve(add) movement to his chest.
see this: human walk cycle
there are a lot of tricks drawing animations of characters like this. but if you are drawing on a small canvas it will be a bit more hard.
if you see, on the first frame ot the human walk cycle, his chest is visible, but on the last frame it isn't. it have a simple rotative movement. also there is a moment when it grow up a bit. 
just keep adding details. it's fine. 
Riight I think I understand now. Thanks a bunch!