I'm of the opinion that this flag was meant to hang vertically, i.e., pull down, and it's a variant of the Stars & Bars. Again, the website it's associated with is the 8th Virginia Cavalry, CSA.

I cannot see it streaming from a staff unless you have a full gale blowing.

Naval commissioning pennants are long & narrow, usually with a swallow tail. Again, see Devereaux Cannon's "The Flags of the Confederacy," p. 70/71, who offers a ratio of 72:1.

Note:

http://www.diggerhistory.info/images/flags/Commissioning.jpg
http://www.crwflags.com/fotw/Flags/us%5Envcp.html