Hell, even when I'm not familiar I can guess what's happening based on past experience.
It's some sort of spatial ability, like navigating a map (though I recently found out I'm terrible at visualizing and almost completely lack a 'mind's eye'). I also find I rarely get lost in computer games and very rapidly learn FPS maps.
Maybe's it's one of those weird skills you don't even realise some of the population lack.
Personally I've always thought using traces are a massive crutch that are too expensive in cost vs benefit ratio, I don't get the point. Far too many extra lines of code for too little gain.