Proper way to read dipstick?

I changed my cars oil on Friday, and drove probably 100 miles since then. Today I opened the hood, wiped off the dipstick, put it back in, and looked at the 2 holes on the dipstick. Only the bottom hole was covered. I did it again and same thing. The whole bottom part of the dipstick looked like it had oil on it, so I thought I overfilled, but then again only the bottom hole was covered? I'm kind of confused on if I put either too much in or too little… My truck requires 7 quarts so that's what I put in. It's an 07 Ford F-150 5.4.

Full will be at the top hole or mark. That's the one nearest your hand when pulling out the dip tick.

Park you vehicle on level ground and leave it for 30 minutes before dipping again.

Pull out the dip stick.
Wipe it clean and fully re insert.

The pull it out again and hold it horizontally to check. The oil should be between the two marks, closer to the top one.

Doesn't it say add at the bottom and full at the top? My Ford truck does. The oil should be up the line that represents full. Read your owner's manual.

http://www.carcarekiosk.com/video/2006_Ford_F-150_XLT_5.4L_V8_Extended_Cab_Pickup_(4_Door)/oil/check_oil_level

Are you sure you put in 7 quarts - sounds like you are a quart low (the lower hole is the lower range).
Park on level ground when the truck is warmed up then turn it off and let it sit for 15 minutes and check the level. Also make sure the dipstick goes in and seats completely - some of the 5.4 tend to jamb up and not seat completely causing the reading to look low.

It is best to check oil before you run the motor on flat ground. One side of the dip stick should be marked, with a grid that covers about 3/4 inch. Anywhere in that area is good, at the bottom of it is 1 quart low. There may or ma not be a hole at the top and bottom of that marking.

Was the engine warm? On a level surface?

The crankcase capacity does not include the oil capacity of the oil filter. You might need to add 1/2 to 1 qt to account for the oil that stays in the oil filter. After the engine sits for about 5 minutes, take a reading on the dipstick. If still low, add 1/2 qt and allow a few minutes for that oil to drain into the crankcase. Then take another reading; add a little more if necessary.

Read the owners manual. It will tell you the proper way. Some cars require the engine to be warm so the dipstick should be read about 5 minutes after the engine is shutdown and the engine is warm. Others do no say anything about engine temps.