I added the timeline feature thinking that it would make like a facebook timeline type of thing where you can post to your wall...

It is like a Facebook timeline. Example on the Demo: https://www.ultimatewb.com/demo/timeline

 

Did you use the Templates generator for it? You need to either run the timeline option to checkmark all posts, to display on the timeline page, or do it manually from the Configure Site > Social Networking > Timeline page.