Recently I lost when I was unable to delete some post from my timeline and then I found that our activity log on our timeline serves many purposes.

You can use it to quickly hide old statuses you have made in the past, or delete them, you can also use it to Unhide statuses that you had previously hidden.
In addition, it shows you comments that you have made on other peoples’ stories/statuses/pictures and will allow you to delete those too, all in one convenient place.

To get there, go to your Timeline, and click on Activity Log.

That will open the activity log, and then you can scroll down to where that story is (or use the date links at the bottom) to find the post/story you want to hide or unhide. Look at the icons in the far right to see which ones are hidden and which ones are visible.

You can then click on the little circle/crossed out circle to select if you want it hidden or not.

If you “Feature” a story, it will take the full width of your timeline, so as to draw attention to that item. Think of it like “this one is important”.