Are you able to view an items trade history

Well, person X can only check his/her own trades. You can't see what happens with the stuff you traded after they've been traded if that's what you mean. I'm... not sure where the trade history button is, I'm sure someone else will mention it sooner or later. ^_^

EDIT: Found it, you can check your trade history at Inventory -> More (next to Trade Offers) -> View Inventory History.

You can only see the trades you made directly and not all the trades that involved that certain item.

Only tf2 items that I know of.

Thanks for the answers guys, most appreciated

See this for example. It isn't accurate, history is only limited to visualized by the site backpacks.