Oh yeah, that would dry my hair out like crazy. Shea butter and olive oil are not moisturizers, they are sealers to seal in your moisturizer. However, you are not using anything to moisturize your hair. If I did this, I would actually seal out moisture, which would lead to extremely dry, brittle, breaking hair. Keeping in mind that everyone's hair responds differently and has different needs, I layer my products on damp-to-slightly wet hair to maintain moisture and reapply as needed on about the 2nd or 3rd day after washing or cowashing. I apply a spray leave-in, then a creamy leave-in, then moisturizer, then seal with oil. The spray leave-in I use the most, the other I apply sparingly. I plan to modify the amounts as my new hair grows, but this method is working great.
I also cowash midweek and wash and deep condition on the weekend. Cowashing is "washing" the hair with conditioner only. I use Trader Joe's TTT or Nature's Gate Biotin conditioners to cowash.
Hope this helps!