Samantha sounds like you are doing ok. Just don't let the pot get too light. Phals resent total dryness. Sometimes the flowers fall off because it is there time to. Where are you keeping the Phal? Methane produced by ripening fruit could cause flowers to fall off more quickly as well.
there is a thread here on the forum for Phal care. Unfortunately I am on a public computer that does not allow copy and paste. If you can't find it, I or someone else will post the link to it for you later
Also, I wouldn't cut back the spike until it is dried at this point