right: taking that glade guard chappy as an example.
1) undercoat :
use a grey spray undercoat. I find Tamiya sprays are just fine. Shake it very very well, shake it some more, and then spray with the (now legendary) "pfft pfft pfft" method.
note: from here on in, add a little water to all your paints when you put them on your palette, and never, ever paint direct from the bottle, especially when using your Newton and Winsor brush
2) flesh areas:
paint these with
bleached bone with some
terracotta added or
elf flesh. I dont have the latter, but I imagine its handy for painting elf flesh..

. Shade by adding a little
terracotta or
dark flesh. ga canny with this, as you dont want pink shadows. Add some
bestial brown or
P3 umbral umber if it starts to get too pink. Highlight by adding
bleached bone or even
skull white to your elf flesh. Pay particular attention to highlighting the nose, cheekbones and fingers.
3) Leather undersuit:
paint the leather undersuit (the kinda dark brown/red bit in the waystone defender scheme)
codex grey.
Mix a little
graveyard earth or
P3 umbral umber into this to create a darker shade. Water this down a bit more so it doesnt cover the colour underneath completely. Paint this into the folds and shadow areas. (anything like the underside of an arm, crotch areas, etc.) Try not to flood areas, as this will create tide marks. When youre working with thin paint (like you should be now), blot off most of it onto a tissue (by touching the side of the brush to the tissue after you load it from your palette). Use several layers to build up opacity to whatever level you like.
Mix a little
space wolf grey into the
codex grey to create a lighter shade. again, water this down so it doesnt cover completely. Paint this onto the edges of things and the top surfaces of extended arms etc. Your brush strokes should be from the center of the plate/arm band/whatever to the outside, where you want the paint to show. Use the side of the brush, not the tip. (well, the side-of-the-tip-of-the-brush, to be precise)
4) cloak and armour plates:
paint the cloak and armour plates
fortress grey. Using the same methods as above, darken it with some
graveyard earth/P3 umbral umber, and use this to shade. Again, use
SW grey this time with some
skull white added to highlight. Same technique as above.
5) Loincloth or any bitz that you want to go "ping!"
paint either
goblin green or
hawk turquoise. Shade by adding
dark angels green, highlight by adding
bleached bone. Same technique as above.
Do a test mini, and if the scheme looks a bit "hum" then do a few more bits in the green colour to liven it up a bit.
I find if you need to do things like twine/buttons/other wee bits that you dont want to draw attention to but want to do a different colour to the things around it, then graveyard earth highlighted with bleached bone is an excellent nothing-colour that people dont really look at. You can control the brightness of the colour by how high up you go with your highlights (i.e. how much bone you add to the mix)