Tis a shame, but I think that you needed to get the exposure spot on to make this one work, buts its always tricky when shooting against a bright sky. I reckon a stop or 2 more would have done the trick. I say this because the flag I guess is the idea behind the shot, and it seems really under exposed.
Personally I would also of placed the parachute more into the corner of the frame and hade the smoke leading a diagonal line right out of the frame. Its a tough shot to get right, better luck next time.