Agree, it is some type of Oncidium. I have always found Oncidiums to be very water needy. During summer, at times, I can let them stand in water for a couple of days and then allow water to drain. Our summer temps are exceedingly high and dry, so I can freely water them even everyday here, as long as there is good air ventilation around it.
I have used fine orchid bark mix on some, on others I use coco fibre they are okay with it. They like a bit more light than Phals, more water than Phals. Their pseudobulbs are really prone to that much wrinkling, it may have gone too dehydrated in the store where you got it. I have done that before by accident leaving the plant in water, and the pbs plumped up much better, though not all the wrinkled marks straightened out. That is how I found out how thirsty they were here in my area.
During winter, I bring them indoors by my south facing window. Then I water them once a week. So I had some nice blooms come winter time.
