The wire twist looks OK. But you need to think ahead on how the heat shrink will work. (hint -- you'll want to pre-position the HS tube so that you can slide it over the junction after you've soldered it.
So in your picture, the tube at the bottom won't work.
You want a tube around the two wires at the upper-left. Or change the tube at the bottom to include the wire going off to the right.
Slide the HS far enough away so that it doesn't start shrinking while you're soldering.
Here's a good guide I found on how to twist and solder wires together:
To join more than 2, start with the first two as shown there, and then spiral each additional wire around the initial junction, ending up with all wires parallel. Remember to slide heat shrink over all of the wires on one side before
you start. Then solder the whole set together at one time.