Traditionally the colors of Christmas are red and green. I am not sure why red and green have been used for everything relating to Christmas (wrapping paper, bows, ribbons, decorations etc.) The color green is used as a reference for the evergreen tree and the idea that green can be thought of as a symbol for life, nature, growth, rebirth AND a now a symbol of ecology as well. Red is used as the color of Santa's suit (why red? - see below) - red is a color of extremes - love, danger, anger, adventure AND a religious color (Christ, blood, crucifixion).
The tradition of Santa's suit being red actually derives from the Coca Cola company advertising campaign in the 1930s who thought Santa should be dressed in red rather than green. See: Coca-Cola-Santa.
So, if you like the traditional color palette of red, green with perhaps silver and gold accents - keep the tradition going. However, are some new palettes to consider that
I found on Porter House Designs that you might like to try. Here is one of my favorites from her site...although I personally might swap out the black from a soft, dark brown.
If you are thinking of using Feng Shui principles - here are some ideas.
Keep a sense of balance in mind when you place and decorate your tree and home, and you'll find it becomes a meaningful gathering space for family and friends.
Fire - red, orange, purple, pink (to activate personal energy- use in south areas of home)
Earth - yellow, beige, sand (create stability and harmony in relationships - use in center of home)
Metal -white, grey, metallic (to bring clarity and focus - use in west area of home)
Water - black, blue (to bring a refreshing calmness into home - use in north areas of home)
Wood - brown, green (to bring a sense of vibrant health - use in east areas of home)
During the holidays, this might mean adding candles throughout your home. However, if you have an unbalanced Fire feng shui element during Christmas season you risk creating an energy that promotes burn-out and even emotional outbursts. The low energy people often feel after the Christmas holidays is often created by an unbalanced fire element in their homes. Be mindful about balancing the strong feng shui Fire element of the Christmas season with a cooler color scheme, such as soothing light blue (feng shui Water element color), cool silver or gray and calm white (feng shui Metal element colors).