You dont look too bad. The main thing is your jacket looks too short. It is hard to judge since it depends also on the trousers. If rise too large / pants worn too low on the waist, then jacket looks like it is too short even if it was the right length. I suspect the jacket is an inch or two too shorter than optimum. To perfectionists, these small margins make a significant difference. Overall though, not bad. You could have kept the red tie, and change the shirt. White gives good contrast against the grey, red would look better with the white contrast wise, and the pocket square - a light blue pattern may have worked better. Nothing wrong with red ties, I suspect they would be a bullfighter's favourite choice of tie! I personally dont find red ties as versatile as other colors, but they work with a little creativity.