I love Oncidiums a lot! As water hungry as they are, I can adjust my watering for them easily. There was even a time, one of mine got quite wrinkly bulbs, and accidentally I had it sitting in water for there days. No damage, it even allowed the wrinkled bulb to restore its plumpness much better. It made me realize just how water needy this plant is.
I grow mine outdoors in my growcamp were they get daily watering here during the long dry months. We get into the triple digit range easily and very dry, so daily watering is nothing to worry about for them. But I have to bring them indoors during late Fall, when temps starts going lower than 50F. They hide indoors till Spring and got to adjust watering, with a bit more interval since they are indoors. They need to feel that cool temps of Fall it seems after enduring our summer period. Then I get more of their bloomstalks either in late Winter to early Spring. Sometimes if the Fall cool down comes in much faster, I may also get a Fall bloom show.
I use finer bark media for my Oncidiums and I was luck enough to find some containers that has coir material around, that helps hold moisture nicely while still allowing good dry out at the end of the day.. Unlike the Phals where I use the chunkier ones before and lately have moved to a different media that does not deteriorate.