This strategy is a more involved version of some other sticky note strategies, but I like this one for the framework that it provides. Especially in younger high school students, more rigidity is often needed in order to make students comfortable with the activity. Explicit, though it's sometimes frustrating, is very often the best way to go.
I also really like the ability to add new forms of notes to the already existing structure in order to "level up" the activity as you progress through the year or work with more adept readers. Ultimately, strategies like these make annotation a more entertaining and streamlined process.
Beers, G. K., & Probst, R. E. (2012). Notice & note: Strategies for close reading.