I do not have a Trixie Wheel, but I have a Senior Wodent Wheel that gets quite squeaky over time and keeps the whole house awake, lol. What I do is place a miniscule drop of cooking oil on a Q-tip and wipe the place where the wheel connects to the metal arm. I wipe any slight excess off and let it sit without my hamster in it for approximately 15 minutes. I do not place an elastic band because the rubber could be a choking hazard if your ham chews and/or eats it. I only use the oil trick when it begins to get squeaky every time it is spun. I also do this after I clean the wheel. I don't do it otherwise. I have used this trick since I got Eros approximately 15 1/2 months ago, and it has been working great. I hope that this helps.
