Instead of giving it away, I'll start by giving you a hint, followed by the issue you are having in spoiler tags, and finally followed by the answer in spoiler tags at the bottom.
My hint is to look at the ship wheels hanging on the wall next to the door.
The issue you have is that you are reading the ship wheels wrong. The part of the wheel with the red outline is the top of the wheel. That is what you should used in order to determine the position of coloured section which details the correct order. For example, the below picture indicates you should hit the bottom piece on the key.
Finally, if you still cannot figure it out, here is the correct order:
The order is: Bottom, Top, Bottom, Right.
(image: screen shot from this video)