Would like a better shot of what's written in the red disk. Looks like the name is written there, but the crease in the fabric makes those characters difficult to read. Also, the flag should be oriented horizontally.
Everything outside of the disk is a name, except for the large letters written across the top, which say "Good Luck in Battle".
武運長久
I would expect that to be written right to left as was the custom at the time, but seeing it written left to right is not necessarily a deal-breaker. Its not so unusual to see it this way, but maybe 80-90% of the time its written left to right (or vertically).