I have that same jack and stands. It lifts the truck by the lower control arms and rear axle tube (Ford says not to lift the truck by the differential itself), but it can't reach high enough to lift by the frame. I was a little dissapointed by that, but at least I can get the wheels off with it.
I have it as well and I think it sucks.(No Offense) I got it for a gift a couple years ago. Its totally useless on my F150 and worked ok on the ranger. You have to take the handle off and put it on the other **** to let it down. Im gonna buy a big one that has the all in one control on the handle.