We call this High Five Writing, and if a student has each one of these in his or her writing they get a high five. It allows students to edit their own work and is a constructive way to give immediate feedback.
These colourful posters are a great reminder for students and allows you to remind students before they start any writing tasks.
If you like the rainbow look in your classroom, check out my rainbow display bundle. It has over 260 posters for a discounted price of $18!