Tutorial: DIY Tissue Paper Pom-Poms this tutorial is pretty good. Use square sheets or tissue for a rounder Pom Pom. Tie the middle with ribbon and tied several on ribbon and hung them for a backdrop. Use thin tissue paper and fluff gently.
Hang a curtain rod draped with sheer curtains (or fabric) at headboard height, behind the bed, then add some white holiday lights behind the fabric and across the rod.--- maybe just a string of lights over the headboard :)