I really wanted to knit a top-down poncho of my own invention, but at the end it ended up to be a cape.
I casted on 26 stitches with needle 3,5 and knitted 4 rows of k1/p1, adding 2 extra stitches in the fourth row.
From then on I knitted in stockinette, increasing every other row 5 stitches circa.
When I reached 60 stitches in totall (in row 18, I believe) I did not make my increases, but casted of 4 stitches each (in an elastic way) for the 2 armholes (proportion ca. = 14 st for 1 front + 4 st x first armhole + 24 st. for the back of the cape + 4 st x second armhole + 14 st for the other front).
In the following purl row I casted on 4 stitches each above the arnholes. Then I made 2 other increase rows on the RS and knitted down withour increasing any more. I crocheted an sc border around the cape (slip stitching at the lower border) and added the 2 crocheted buttonholes. I really like how this came out.