The plant is fine, do not fiddle with it in any way. It is a warm growing hard-cane dendrobium that needs warmth, moderate humidity and good light throughout the year to do well. It is also capable of reblooming from the older pseudobulbs/canes at the appropriate season. Reduce watering a little as your growing conditions cool down a little in late autumn/winter.

Find some complete culture notes on the net that relate to your climate zone.

There seem to many orchids with names such as Salaya this is or that that are not the RHS registerof orchid names.

Excellent. It's always a bit more humid than the norm in here because my FI prefers that. I also like it warm (around 70) and it will be in a South window. Just have to find a spot that will be bright enough without burning it somehow. I can also take it to work, I have fluorescent lighting under my cabinets at my desk.

By the way what do you think about those spots?

! wouldn't worry about them, they are scar tissue from a fungus infection which will not increase provided you can provide good growing conditions for the plant.

Maybe a squirt or two of fungicide might assist...hopefully you will get better advice from the locals.

The big problem with those hard- canes here is that homes are not centrally heated and if the plants get cold and wet they drop buds especially so since peak blooming is late autumn/winter.

Similar problems with them in one of my glass=houses, High humidity at night together with cool temperatures will cause bud drop. I have some in bloom to on-sell for the local orchid society at the autumn show, they are inside on the kitchen windowsill.

It appears to be potted in a plastic nursery pot (which drains) and set into a ceramic cachepot (which doesn't).
Drainage and air = good
Sitting in stale water = lethal
Cheers - Nancy

That's a spectacular hybrid. It doesn't look like a typical Denphal to me. I think it has a lot of D.nobile in it, though the flower is not like nobile's. Make sure this gets plenty of sun in Illinois esp during the winter. Otherwise the rest of the advice is spot on. - Ian.

Thanks everyone :)

Nancy - you're right, the plastic nursery pot drains well, but that ceramic pot is an orchid pot I bought separately. I'm just having it sit in there like that until it needs to be repotted and then it will go into the green ceramic pot.

Ian - I agree after looking at Den phal pictures and descriptions, the flower on mine didn't quite match. It is smaller than they tend to be for example. I'll have to look into the nobile types to see!

NOT a nobile type. Those bloom up and down the cane. Also not a phal type. Those have multiple leaves per pbulb, and this consistently only has two. From what I can find, it's most likely a combination of Phal type and Latouria type. The widened lateral petals give it away.

See the following.
http://orchidforum.org/data/PDF/Dendrobium_sections_guide.pdf

"Phalaenopsis" type with a Latouria ancestor
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"intermediate" type with "antelope" breeding
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Nobile type
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Do not worry about it, just give it Phal Type/Hard Cane Den care appropriate to zone 5 (hopefully you can find some decent complete culture notes).