Possible? Yes? Advisable? No. Free flying parrots is really risky and not something you should ever do with your bird unless they are fully & reliably fledged and trained to recall in a variety of situations. Even in the best case scenario, sometimes parrots fly off and are never seen again.
Most “professional” free flyers for this reason only fly their birds in areas with low wind and no tall trees - it makes locating the bird if it fails to recall easier, and ensures that it can’t get too far away from its trainer.
If you’re flying from a balcony I’m assuming this is a multi-unit housing complex, which means lots of places your parrot can decide to land where you can’t retrieve them.
Yeah. Totally possible. But NOT recommended at ALL.
You have a great chance of losing track of your bird, even if you insist it’s “well trained”. Your parrot can land anywhere, including very unsafe spots. Bottom line: don’t do it.
My conure is flight trained, and can be recalled. I have only done this in my house. I don't have a gps attached to her to find her if she were to fly off. I'd be heartbroken if she flew off, and I wasn't able to find her. I would never recommend doing this without some sort of tracking device attached to your parrot. Birds are easily scared off.