Cost: 3.
Test Icons:

Fast. Play when an enemy attacks an investigator at your location.

Cancel that attack. Then, reveal a random token from the chaos bag. If it has a , , , , or symbol, deal the attacking enemy's damage to itself.

The Essex County Express #153.
Hypnotic Gaze

Like Dodge, but with a chance to hurt the enemy! What could go wrong?

Well, in my experience quite a bit. First of all it's much more expensive than dodge is, which can cause extreme opportunity cost as you have to choose between taking damage now, and having a better board setup next turn. Furthermore the reflected damage is not guaranteed, which kind of negates a huge amount of this card's benefit.

Now, in theory you can run a sadism run where (Slight campaign mechanic spoilers) ------ you intentionally fill the bag with these negative nancy tokens (... not as bad an idea as it sounds on Expert difficulty) ------ and I can't comment on the strength of this card then, but in a more vanilla run it can be pretty unlikely to trigger.

I think, like Song of the Dead without a better way to control the chaos bag, extremely swingy cards are going to remain cool in theory, but bad in practice.

Difrakt · 750
The mystic deck has many expensive cards (3+ ressources), but many with charges, you're better off saving these for such cards, over 1 use stuff. — Django · 2661
Combined with Dark Prophecy, the chance of this doing damage is greatly increased. That adds to the cost, making it 4 total resources, for a potential of doing damage as a Fast action. — Tiktakkat · 31
Unlike other spells, this can't be used with Uncage the Soul (fast action trigger), which is another knock against its surprisingly high cost. — PureFlight · 590
Besides Dark Prophecy this can now also be combined with Olive McBride to increase its effectiveness. Premonition is another possibility. — Cluny · 40
Olive McBride increases the chance of a hit from 31.25% to 67.5% (with standard night of the zealot chaos token pool). This means that Olive would give you a hit 1 out of 3 times beyond the baseline odds of 1/3. Dark Prophecy increases the chance to 84.64%, which corresponds to it giving you a hit 1 out of 2 times over the baseline odds. — jmmeye3 · 287

This card needs combo effects to be good. Namely, consider using this with Jacqueline Fine around, Olive McBride, or Dark Prophecy. Also Eldritch Inspiration can make the damage to the enemy go off twice. Canceling the attack and not getting the return damage on the enemy is a subpar effect for how expensive this card is, so you want to try to get the return damage every time.

Also worth noting that this works on Elites, so this can cause some big bads to hit themselves for a bunch of damage, which can be very useful.

Soloclue · 1314
I feel like a ton of support for this card has come out since it was printed, but it's remained pretty obscure. In the right deck, this sounds pretty crazy good. — SGPrometheus · 226
It's a nice combo when you play Olive and/or Jacqueline. Outside of them, i think it's too expensive for a one time effect and not every scenario has a BBEG. Some dont even deal damage. — Django · 2661
Jacquelin will get a level 2 upgrade of this card. Cost -1 and you can choose the horror instead of the damage to be converted into damage vs. the enemy. Her using Grotesque Statue and Dark Prophecy on this, Yog-Sothoth would love to discard some cards. — Susumu · 1