http://flickr.com/photos/her_purple_pixieness
Your Phalaenopsis orchid looks fine. The flower that faded probably did so from old age. Check your profile soon. Mysterious bumps in number of posts recorded have been observed.
The process for watering is to soak the mix very well, drain, then let the pot just sit until the mix is nearly dry. If in doubt, error on the dry side before watering again. You may want to read this:
Skewer use for watering of orchids
For light, you want indirect bright light, or shaded light to about 20% of full sun. 50% full sun, as required for Dendrobiums and Cattleyas, is too much light for Phalaenopsis orchids.