The moisture trap should be as close to the airbrush as is (conveniently) possible. My setup is compressor, regulator, moisture trap, 6ft AB hose, AB.
To make the most of the moisture trap, the hot/warm air from the compressor must be given as much time to cool as possible, so the water vapour can condense, so it may be preferable to put a long coiled hose between the compressor and the moisture trap, the air should cool in the long hose, then be caught in the trap.
None of this is from personal experience though, I use a 21L tank and the compressed air inside has usually cooled by the time I use it. I use a moisture trap anyway, but I have yet to see a single drop of water in it, most probably due to the previous reason and the fact that I live in Australia.
I also have quick connect couplings on everything, makes it a lot easier to change equipment around.