I've seen this idea around and made a version of it that I personally liked. I noticed that after my students took a test they rarely carefully reviewed their papers to see where they could improve or celebrate what they did correctly.
In order to get each student look at their data and derive information from it, they now write the amount of points they get right per question and the total amount of points the question was worth (fractions at play here!). I decide one a red, yellow and green color scale for each test. We color code the fractional score per question like this:
-If a student get 80-100% (or most) of the points for a question we color it green.
-If they get 65-79% (ish) points, then we color it yellow.
-Anything below what I feel is a 65% is colored red.
Note: I do NOT have my students color in the "notes" section.
We celebrate by looking at our green questions first. Then we look at each of our yellow and red questions and we make notes about what happened or what we could learn. This part is definitely a learning curve, but well worth the investment.
Maybe this will work for you in your happy. Happy teaching!