Note that the default trace will go to the root of drive C. For Windows 7 and later, this requires an administrator privilege, or it just fails. Therefore, either make sure that your application is running as an administrator, or you have changed the file path.
In addition, note that if you want to trace ODP.NET completely successfully, you need to place the settings inside the application or web configuration file, and not the registry, as well as the settings for TRACELEVEL are different (from 1 to 7).
And finally, when tracking unmanaged ODP.NET, remember that there is a separate node WOW registry for 32-bit Windows. If your application is 32 bit, do not accidentally install it under the 64-bit part of the registry.
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