Help Needed: Imagecache_actions not working

I had imagecache/image/imageapi installed, created a field with image type as well. Then installed imagaecahce_actions as well. Then created a preset as shown in the attached image, however still when i create a page or image with a picture it does notshow any watermark.. can someone please help me whats wrong here.. what are the next steps now for me to see watermark on all images in my website.