I don't think you're watering it enough.
I looked it up at
IOSPE
under its current name Encyclia polybulbon. It has also been called Epidendrum polybulbon in the past.
I haven't grown this species but I've been to parts of Veracruz State in Mexico where it is said to grow. It grows on tree branches among moss, where it gets rain or dew almost every day.
There are other threads in this forum where people discuss how they grow it. You can find all of them with the Search function in the maroon menu at the top. This is one of the threads:
Encyclia polybulbon
I would keep water in the Kool Log all the time and not let the plant dry out much. If your tap water is full of minerals, they will be left behind on the moss as the water evaporates, so I would use rain or reverse osmosis water.