Conditional formatting based on previous cell

Question

I have a list of times in a table that I want to apply some conditional formatting to. I just want them to turn different colours based on whether they're later or earlier than the time in the previous cell. I'm having trouble figuring out the appropriate rule though.

More specifically I'm having trouble thinking of a formula for the rule that I can apply to the whole range of times given in the table. What I need is basically the condition =[current cell]>[current cell-1] and vice versa but don't know how to write this in a formula that I can apply as a rule for the whole range.

How to accomplish this?

Answer 1

Custom Formula:

=B1<A1

Apply to:

B1:Z1

or

B:Z

Color:Green

Add another conditional formula for Red.

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See my detailed explanation here