Empirical mode decomposition (EMD) has been established as a valuable tool in determining nonlinear signal trend. EMD decomposes a one-dimensional (1D) signal into hierarchical components known as intrinsic mode functions (IMFs) and a residue, based on the local properties of the signal. The first IMF depicts the highest local oscillations, while the residue depicts the trend of a signal/data. In each iteration of the EMD process, interpolation is applied to some local maxima and minima points to form upper and lower envelopes, respectively. But, the application of interpolation methods causes huge computation time and other artifacts in the decomposition, which limits the use of EMD for many real life signals. This paper proposes an effective method that replaces the interpolation step by direct envelope estimation using order statistics filters, which results in decreased computation time, following a similar EMD approach that has been recently proposed for two-dimensional data or image analysis. The modified EMD of this paper called pseudo EMD (P-EMD) method is particularly useful in determining, analyzing, and/or modifying the trend of various signals to obtain and/or produce some desired results/outcomes. Several synthetic and real-life signals such as speech signal and sea level pressure and temperature are tested to verify the effectiveness of the P-EMD. From the results, P-EMD has been found as a superior alternative for trend analysis of signal/data, since it results in more accurate trend compared to the other interpolation based EMD methods such as classical EMD (CEMD) and a modified EMD (MEMD), and also facilitates faster computation.