This paper aims to give a charitable and comprehensible interpretation of the concept of practical knowledge in Intention, G. E. M. Anscombe's famous monograph. In particular, it focuses on her claim that practical knowledge is present even if the agent fails to execute his intention. I argue that (1) a rejection of this claim is unacceptable, and that (2) the content of practical knowledge should be formulated as "I am X-ing", with which this concept can be coherently interpreted.